Introduction of Self-Attestation Facility by EPFO

The Employees Provident Fund Organisation (EPFO) is set to introduce a self-attestation facility beginning in June, which will allow its 80 million active members to complete the Know Your Customer (KYC) process without requiring employer approval.

Current KYC Process

• KYC is a one-time process that verifies members' identities by linking their Universal Account Number (UAN) with KYC details.
• Currently, the process requires employer approval, causing delays and potential issues if a firm has closed.

The new self-attestation facility will eliminate paperwork and decrease claim rejections.

EPFO 3.0 and IT Infrastructure Upgrade

EPFO is upgrading its information technology (IT) infrastructure to accommodate the influx of new subscribers from three employment-linked incentive (ELI) schemes.

Features of EPFO 3.0

• Focus on scalability to provide enhanced services to members.
• Expected increase of active members to potentially reach 100 million.

New Withdrawal Facility

EPFO is considering a partnership with banks to introduce a new facility enabling members to withdraw money up to a certain limit without filing claims.

Union Labour Minister Mansukh Mandaviya mentioned efforts to develop a robust platform for hassle-free money withdrawal, akin to the banking system.

Planned EPFO 3.0 Launch

The EPFO aims to launch EPFO 3.0 by March, with a goal to resolve nearly all user queries through an effective redressal system.